BY BAMIDELE FAMOOFO
The Federation Account Allocation Committee disbursed the sum of N1.10trillion to the three tiers of government in October 2022 from the total revenue generated in September 2022.
Figures released by the National Bureau of Statistics on Tuesday showed that the amount disbursed by FAAC in October comprised N825.71billion from the Statutory Account, N60.00billion from Non-oil distribution for the month of October 2022, N8.51billion from Electronic Money Transfer Levy (EMTL), and N203.96billion from Valued Added Tax (VAT).
The Federal Government received a total of N294.24billion from the N1.10trillion, States and Local Governments received a total of N233.22billion and N172.78billion respectively.
The sum of N 59.99 billion was shared among the oil-producing states from the 13 percent derivation fund. The revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N10.20billion, N13.73billion, and N10.49billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N164.48bn was disbursed to the FGN consolidated revenue account; N5.02bn was received as a share of derivation and ecology; N2.51bn as stabilization fund; N8.44bn for the development of natural resources; and N6.93bn to the Federal Capital Territory (FCT) Abuja.